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Then, discuss the primary advantages and disadvantages of applying the direct write-off and the allowance method of writing off accounts. Even though the direct write-off method is not acceptable for generally accepted accounting principles (GAAP) reporting, take a position on whether or not estimating the allowance for doubtful accounts distorts gross income. Propose an alternative method to increase the accuracy of reporting. Explain your rationale.

CIS 120 Week 9 Discussion

The Object-Oriented Approach" Please responds to the following:

You are having a discussion with a systems analyst who has been in the field for 30 years. He makes the statement that traditional methods of systems design are far superior to the object-oriented approach. How would you explain to him the rationale behind using the object-oriented approach?

Easy one:

Computer Uses and Design Considerations" Please respond to the following:

Discuss whether design considerations need to change for each kind of computer users. Support your answer with an example.

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AC 430 FINAL EXAM A+ GRADE

AC 430 FINAL EXAM A+ GRADE

22. Question: Which of the following statements regarding current and deferred income taxes is not correct?

The amount of income tax expense must be allocated to various components of comprehensive income.

The income tax obligation is determined by applying the historical tax rates to the taxable income for the year.

The valuation allowance account is subtracted from the deferred tax asset account on the balance sheet.

Rent received in advance that will be earned within the next 12 months results in the creation of a current deferred tax asset.

23. Question: All of the following involve a temporary difference for purposes of income tax allocation except

Interest on municipal bonds

Gross profit on installment sales for tax purposes

MACRS depreciation for tax purposes and straight-line for accounting purposes

Product warranty expenses

24. Question: Boerne Company received rent in advance of $9,000 on December 31, 2010, which was taxable when received for income tax purposes. The company’s effective tax rate was 30%, and this was the only temporary difference. Which of the following should be reported on the December 31, 2010 balance sheet?

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1. The specific audit objective that all purchases and cash disbursements made during the period were

2. The use of the computer to compare production hours to direct labor hours on daily production reports relates to the:

3. during the count of cash on hand, it is NOT necessary for the auditor to:

7. The specific account balance audit objective, the entity owns or has rights to all recorded plant assets at the balance sheet date, relates to the:

8. When inventories are material and the auditor does not observe the inventory at or near the year-end, professional standards require the auditor to:

9. All sales, cash receipts, and sales adjustments are accurately valued using GAPP and correctly journalized, summarized, and posted. These actions are transaction objectives for:

10. Section 18 liability is relatively narrow in scope because it relates only to a false or misleading statement in documents “filed” with the:

11. Which of the following functions is NOT part of the production cycle?

12. The specific audit objective for the audit of investments, investment balances are properly identified and classified in the financial statements, relates to the:

13. The specific audit objective that the entity is liable for the payables resulting from the recorded purchase transactions relates to:

14. The specific audit objective for the audit of investments, investment revenues, and realized and unrealized gains and losses, are reported at proper amounts, relates to the:

15. The control of all funds during the count of cash on hand is meant primarily to prevent:

16. The standard bank confirmation, developed jointly by the AICPA, the American Bankers Association, and the Bank Administration Institute, requests information about all of the following EXCEPT:

17. Which of the following is NOT a tort?

18. Which of the following accounts in a merchandising company is affected by both the revenue cycle and another cycle?

19. Whether the entity maintains effective controls to provide reasonable assurance that private customer information obtained as a result of e-commerce is protected from uses not related to the entity’s business defines:

20. Which one of the following is NOT true of the Principles in the AICPA’s Code of Professional Conduct?

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ACCT 301 Week 1 Discussion

Accounting Information

How is accounting the language of business? Who are the users of accounting information, and how do they use it?

Financial Statement

What is the difference between cash and accrual accounting? When would a company prepare its financial statements on a cash basis? When would a company prepare its financial statements on an accrual basis?

ACCT 301 Week 2 Discussion; Internal Controls

Internal Controls

Describe what you think is the most important control activity that a company can implement. Why do you think that the one you chose is the most important?

Ethics

Describe one of the three elements that are present when fraud occurs. Of the three elements, which do you think is present first in an ethical situation?

ACCT 301 Week 3 Discussion; Financial Statement Analysis

Horizontal and Vertical Analysis (graded)

Go to Yahoo! Finance at the following URL: http://finance.yahoo.com/. Enter the name of your favorite public company in the box in the upper left-hand corner, and click on Get Quotes. Click on the income statement or balance in the bottom left-hand corner of your favorite company. Perform a horizontal or vertical analysis of one of the line items on its income statement or balance sheet. What does this information tell you?

Ratio Analysis (graded)

Go to Yahoo! Finance at the following URL: http://finance.yahoo.com/. Enter the name of your favorite public company in the box in the upper left-hand corner, and click on Get Quotes. Explore the information given for your favorite company by clicking on the links on the left-hand side of the screen. What information do you find interesting?

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Part-1

Question 1

4 out of 4 points

A capital lease should be recorded in the lessee’s accounts at the inception of the lease in an amount equal to

Question 2

4 out of 4 points

Lessee leased some land and buildings from Lessor. There was no transfer of ownership and no bargain purchase option. If the fair value of the land is less than a certain percentage of the total fair value of the leased property at the inception of the lease, both the lessee and the lessor may consider the land and buildings as a single unit. What is that percentage?

Question 3

4 out of 4 points

When a lessee makes periodic cash payments for an operating lease, which of the following accounts is increased?

Question 4

4 out of 4 points

Which of the following is not a required disclosure by a lessee of an operating lease?

Question 5

4 out of 4 points

Executor costs

Question 6

4 out of 4 points

FASB’s rules concerning leases are an attempt to record in the financial statements

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